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9:06am

Mon October 17, 2011
The Two-Way

Anadarko To Pay BP $4 Billion, Settle Claims Related To Gulf Oil Spill

Originally published on Mon October 17, 2011 9:22 am

This morning's announcement from Anadarko Petroleum Corp. that it is paying BP $4 billion "to settle all of BP's current and future claims" against it related to the April 2010 Gulf oil spill, "ends a long dispute between BP, which operated the well in the gulf, and Anadarko, which owned a 25 percent stake, about accepting responsibility for compensating those affected by one of the worst oil spills ever in the United States," The New York Times writes.

As the Houston Chronicle's Fuel Fix blog adds, "BP will release its claims against Anadarko for about $6.1 billion of spill related costs to date, as well as to forgo reimbursement for any future costs."

The Associated Press says that the $4 billion will be part of BP's "$20 billion trust fund, which has paid out $7 billion so far to settle claims from individuals and businesses. Eleven workers were killed when the Deepwater Horizon rig exploded off Louisiana on April 20, 2010."

And the AP adds that "BP is still embroiled in suits and countersuits with Transocean Ltd., operator of the Deepwater Horizon drilling rig, and Halliburton Co., which was responsible for cementing the well. The suits are scheduled to go to trial in New Orleans in February."

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